This follows a similar investment in 2017, also led by Alibaba, which has been expanding rapidly into Southeast Asia. The latest funding boosts Alibaba’s share of the fast-growing Indonesian ecommerce market. The Chinese company is also a majority owner of Lazada, which is one of Tokopedia’s competitors in the market.
According to Tokopedia, the company planned to use the funds to invest in technology and infrastructure, while also focusing on the Indonesian market and driving economic development and financial inclusion.
Moreover, the latest round includes investments from Softbank’s Vision Fund as well as Softbank Ventures Korea and Sequoia Capital.
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